CDL pays 4.39b yuan for 51% stake in Sincere Prop
Taking controlling stake in Chinese real estate developer will let it transform into a major property player in China
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Nisha Ramchandani
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Singapore
CITY Developments Limited (CDL) is acquiring a 51.01 per cent stake in Chinese real estate developer Sincere Property Group for 4.39 billion yuan (about S$880 million) as it seeks to transform itself into a major property player in China.
With this, the Singapore-based developer will become the single largest shareholder in Sincere as it acquires a bigger stake than the 24 per cent shareholding it had previously announced it would purchase last year.
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